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Chainrai taking control confirmed and Azougy OUT!

Chainrai taking control confirmed and Azougy OUT!

Pompey have now officially confirmed that Balram Chainrai has taken, or seized, control of the club as well as confirming that Daniel Azougy will have NO involvement with the club any longer.

An adjournment to next weeks HMRC winding-up hearing has been requested too.

The following statement was issued on The Pompey Site...


Portsmouth Football Club Statement

Balram Chainrai has exercised a clause in the security arrangement with Falcondrone Ltd to take a controlling interest in Portsmouth Football Club.

Mr Chainrai wishes to stabilise the club's situation until new owners for the club are found.

The security arrangement with Falcondrone Ltd is based on documents drawn up by Fuglers law firm as part of the original draw down of the loan, depositing with Mr Chainrai the original share certificate and a signed but undated share transfer in favour of Mr Chainrai, which could be dated and exercised in the event of default on the terms of the loan agreement.

Peter Storrie continues as the chief executive officer of the club and continues to run the club. Meanwhile new owners are being found for the long-term future of the club.

The club will now apply to HMRC to adjourn next week's winding-up hearing to allow time for the club to be stabilised and new owners found.

New directors will be appointed to the board and Daniel Azougy will no longer be involved with any part of the club.

The importance and priority is to stabilise the business and give the players, staff and fans of Portsmouth FC confidence that the club will go forward.

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Date:Thursday February 4 2010
Time: 5:04PM


Best bit is the back of Azougy
04/02/2010 17:09:00
is this a ray of sunshine?????? Or another false dawn????? whichever it is another chapter to throw into the good book, Glad to see the back of Azougy which ever way you look at things!!!
04/02/2010 17:15:00
Hmmm, still too circular for my liking. The links between Sacha's old man, the lawsuit for 17m, the loan of 17m, the default on that loan allowing seizure of the club? Who would bet against the full circle being that Sacha buys the club back? Only my imagination I know, based upon no fact and no accusation being made but would make a great story wouldn't it.
04/02/2010 17:17:00
like i've said elsewhere, this has to be good news - if only becuase it couldn't possibly have got any worse!
04/02/2010 17:18:00
well no more azougy = fantastic news, and hopefully he will stabilise the club and it will give us a bright future to look forward to, instead of all this new pompey stuff which was fine but lets face it, it was no Pompey ;D PUP
04/02/2010 17:23:00
I can't keep up, but am battle weary enough to think that this isn't the end and is not necessarily good news.
04/02/2010 17:27:00
A good start that they are communicating through the official site! Also, he surely has to do some good to protect his investment!?
04/02/2010 17:34:00
Easy way out for "Al-Mirage", me thinks. I hope now he ****s off and stays well away. Bloody jaffa.
04/02/2010 17:56:00
Please no, they have put Storrie back in charge and asked him to find new owners. Would you buy a new owner from this bloke? You are supposed to learn from your mistakes, ChaInrai what is going on? Are you MAD. Then to cap it all, we can't score on the pitch, then Avram gets caught going to a Brothel. See the headlines tomorrow. What is up with these people, can't they make a rational decision between them. I suppose Avram was mentored by John Terry for this stupidity.
04/02/2010 17:59:00
On top of all that we know that at least one person involved with the team can score in a brothel :-) singing you can score in a brothel grant can score in a brothel and so on
04/02/2010 18:01:00
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